Demonetisation news and archive

Demonetisation affects shows up on bottomlines

Since demonetisation, textile and apparel manufacturers and retailers suffered a drop in business. Aditya Birla Fashion and Retail, which owns apparel brands such as Louis Philippe, Van Heusen, Allen Solly, Peter England and Pantaloons, lost Rs 100 crores in sales across all its textile business verticals. It posted 4.8 per cent year on year...

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Business

Demonetisation Effect: Q3 CMAI Apparel Index growth lowest at 1.4 points

CMAI’s Apparel Index for Q3 Oct-Dec FY 2016-17 shows this quarter had the lowest growth so far with overall Index Value at 1.4 points compared to previous quarter (July-Sept FY 2016-17) where overall Index Value was 4.64 points. The dismal growth last quarter is a fallout of ‘Demonetisation’ that impacted all segments and sectors of Indian...

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Business|UPDATE

Demonetisation still tough on Indian textile industry but hope in sight

More than a month after demonetisation was announced in India on November 8 in an effort to tackle black money, corruption and terrorism and the gradual move to a cashless economy, the situation is still far from ideal and prime minister Narendra Modi's goal of having normalcy restored after 50 days seems doubtful. However, there is hope for the...

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Business|BACKGROUND

Demonetisation: Indian textile industry lets 10,000 workers go

In a move that was courageous as well as historic, the Indian government, led by prime minister Narendra Modi, has started demonetising 500- and 1000-rupee notes at the beginning of last month. The sudden measure took traditionally cash-intensive sectors by surprise, among them the textile and garment industry, which has been hit hard. Ten...

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Retail|COMMENTARY

Demonetisation hits Indian textile and apparel sector hard

Mumbai - In an unprecedented move, India, the world's largest democracy, decided almost overnight to phase out its 500- and 1000-rupee-bills to counter terrorism and the black money economy. Thus, since Thursday, November 10, 2016, the old 500 and 1000 rupee notes are only valid at a few select places and citizens are requested to turn them in...